PayNode (NBAA Booth C10018), the world’s first online payment platform created for business aviation, is forging a partnership with international payments specialist WorldFirst to improve bank wire transfer payments for charter brokers and operators.
PayNode’s new bank payment solution, being developed with WorldFirst and Multi Service Technology Solutions, will begin beta testing in the fourth quarter of 2017. It will become the third payment option offered by PayNode, whose processing solutions for American Express and AvCard payment cards have been adopted by more than 100 US and European brokers and operators since PayNode’s launch at NBAA 2016.
PayNode’s latest solution will significantly improve the cross-border, cross-currency wire transfer payments that are common in business aviation. It will mitigate foreign exchange risk for brokers and operators receiving payment (‘merchants’); offer competitive exchange rates to payers; enable the high-speed transfer of international and domestic payments into merchants’ bank accounts; and notify merchants that a payment is received so that charter flights can be operated without delay.
The new solution will also improve the handling of same-currency transactions. It will bring full transparency on all costs involved in each transaction to enable efficient decision-making on costings and quotes. It will bring automatic reconciliation to the payment process with instant notifications of when monies are processed. There will also be automatic processing in order for merchants to set the payment for multiple outstanding invoices from one incoming payment, thereby speeding up the payment chain and creating savings for merchants in administrative time and costs.
Magnus Henriksson, PayNode’s Managing Director, says: “We’re delighted to be working with WorldFirst to create a solution that will help brokers and operators take charge of the payment process and run their businesses more profitably, efficiently and with greater confidence.
“We estimate that more than 15% of charter bookings in North America and 25% in Europe involve cross-currency, cross-border bank payments. At present, the delays and costs of receiving these high-value payments are a burden for many business aviation companies. With WorldFirst, PayNode will increase the speed of payments, apply automatic reconciliation and processing, and provide a transparent system that helps protect merchants from wire fraud.”
Alex Arnold, Head of Partnerships at WorldFirst, says: “In business aviation, many companies operate on low margins so it’s vital their financial costs and risks are kept in check. WorldFirst has helped thousands of corporate and individual customers find a better way of managing foreign exchange. We’re excited to be pooling this expertise with PayNode to create a better payment experience for charter brokers and operators.”